https://www.taxtmi.com/caselaws?id=254331 The Tribunal partly allowed the quantum appeal, directing a fresh assessment by the AO due to unreliable book results and lack of basis for profit rate determination. The Tribunal set aside additions for unexplained expenditure and income enhancement, citing reliance on inconsistent statements without independent inquiry. The penalty appeal was allowed, directing the deletion of penalties under Sections 271(1)(c), 271(1)(b), and 271F due to the quantum appeal's de novo assessment. en-us Fri, 12 Dec 2014 00:00:00 +0530 Fri, 19 Dec 2014 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254331 The Tribunal partly allowed the quantum appeal, directing a fresh assessment by the AO due to unreliable book results and lack of basis for profit rate determination. The Tribunal set aside additions for unexplained expenditure and income enhancement, citing reliance on inconsistent statements without independent inquiry. The penalty appeal was allowed, directing the deletion of penalties under Sections 271(1)(c), 271(1)(b), and 271F due to the quantum appeal's de novo assessment. Case-Laws Income Tax Fri, 12 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254331